Dechert ‘On Point’ Discusses Artificial Intelligence Regulatory Updates

Dechert recently released a regulatory update highlighting the Biden Administration’s regulatory focus on Artificial Intelligence (AI) technology updates. On May 4, the Biden Administration announced additional actions in the area of AI, including the following three initiatives:

• Funding for the National Science Foundation to launch several new National AI Research Institutes;
• The Establishment of public AI evaluation panels to review AI models independently of the government or companies developing the technology; and
• The Office of Management and Budget will be releasing draft policy guidance on the use of AI systems by the U.S. government for public comment.

The new actions follow the October 2022 release of the Administration’s “Blueprint for an AI Bill of Rights” which outlined key principles that should govern the AI space, including, protection from abusive data practices, systems should be designed in an equitable manner, and the ability to opt-out, among other points. Dechert also notes that “Federal agencies, including the Federal Trade Commission and Consumer Financial Protection Bureau, have issued statements confirming that they will apply existing laws and regulations to new technologies, including AI, with a particular focus on enforcing civil rights, non-discrimination, fair competition, consumer protection and other vitally important legal protections.”

Click here to read the Administration’s “Blueprint for an AI Bill of Rights.”
Click here to read the Dechert ‘On Point’ covering AI regulatory updates.